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MRL2601 Assignment 2 Semester 2 2024 (867625) - DUE 20 September 2024
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MRL2601 Assignment 2 Semester 2 2024 (867625) - DUE 20 September 2024 QUESTIONS WITH COMPLETE ANSWERS
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[Date]MRL2601 Assignment
2 Semester 2 2024
(867625) - DUE 20
September 2024
QUESTIONS AND ANSWERS
, MRL2601 Assignment 2 Semester 2 2024 (867625) - DUE 20 September 2024
QUESTION 1
Johannes, Phineas and Beauty are Mnandi CC’s members. Beauty has discovered
that Phineas concluded a contract on behalf of Mnandi CC for the purchase of a
yacht without consent of any of the other members. She is of the opinion that
Mnandi CC should not be bound to the contract because the corporation’s main
business is catering. In addition, she shows you the association agreement which
stipulates that only Johannes is authorised to conclude contracts on behalf of
Mnandi CC. Advise Beauty whether or not Mnandi CC is bound to the contract
concluded by Phineas. Refer to relevant case law in your answer. (5) 5
QUESTION 2
The main object of ABC (Pty) Ltd is manufacturing furniture. The Memorandum
of Incorporation provides that the board of directors may appoint a managing
director who will be authorised to enter into contracts on behalf of the company.
Should the contract, however, exceed the amount of R150 000, prior consent of the
general meeting is required. Godfried, one of the directors, buys a beach house for
R350 000 from Nomagugu on behalf of ABC (Pty) Ltd. Explain whether or not
ABC (Pty) Ltd can raise the restrictions to its capacity as contained in its
Memorandum of Incorporation as grounds to avoid being bound to the contract. (5)
QUESTION 3
Zingapi is a minority shareholder in Telemark (Pty) Ltd. In spite of good business
the company’s profits are not increasing. Zingapi suspects that the directors, who
are also majority shareholders are wasting the company’s money on unnecessary
business trips and luxuries for themselves. Zingapi is concerned about the costs
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